ICA’s Board of Directors Approves Additional Management Changes

MEXICO CITY, March 10, 2016 -- Empresas ICA, S.AB. de C.V. (BMV:ICA) (NYSE:ICA), the largest infrastructure and construction company in Mexico, announced that its Board of Directors has accepted the resignation of Alfonso González Migoya as Deputy CEO and as a member of the Board of Directors.  The Board also ratified the executive management team led by Luis Zarate Rocha as Chief Executive Officer and Guadalupe Phillips Margain as Chief Restructuring Officer.

“My work at ICA has concluded,” Mr. González Migoya stated. “My commitment with ICA was to prepare the foundations, organize the team, and make the initial undertaking to restructure ICA’s operations and finances into order to restore its economic viability. I am pleased to have been able to serve the Company during these past several months.”  

The Board of Directors today was also presented with the general parameters of the restructuring plan.  ICA expects to approach its creditors over the next several weeks with its proposed plan.

Bernardo Quintana, the Chairman of the Board, said, “On behalf of the Board of Directors, I want to thank Alfonso for his dedicated service during this crucial period in ICA’s history.”

Such forward-looking statements are subject to various risks and uncertainties and may differ materially from actual results or events due to important factors such as changes in general economic, business or political or other conditions in Mexico, Latin America or elsewhere, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, changes in tax and other laws affecting ICA’s businesses, increased costs, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms and other factors set forth in ICA’s most recent filing on Form 20-F and in any filing or submission ICA has made with the SEC subsequent to its most recent filing on Form 20-F. All forward-looking statements are based on information available to ICA on the date hereof, and ICA assumes no obligation to update such statements.

Empresas ICA, S.A.B. de C.V. is Mexico's largest infrastructure company. ICA carries out large-scale civil and industrial construction projects and operates a portfolio of long-term assets, including airports, toll roads, water systems, and real estate. Founded in 1947, lCA is listed on the Mexican and New York Stock exchanges. For more information, visit ir.ica.mx.

For more information, please contact:

Gabriela Orozco
[email protected]

Christianne Ibánez   
[email protected]

[email protected]
+(5255) 5272 9991 x 3012  

Pablo Garcia 
Chief Financial Officer
[email protected]

In the US:
Daniel Wilson, Zemi Communications	
 +(1212) 689 9560
[email protected]